Chris Larsen Goes Big with $10M in XRP for Harris’s Presidential Campaign
- Chris Larsen’s $10M XRP donation to Harris highlights the growing role of crypto in political funding and innovation.
- Larsen believes Harris understands tech well, which is crucial for driving the Democratic Party’s innovation agenda.
- The crypto industry shows diverse political support, with significant donations going to both Harris and Republican candidates.
Chris Larsen, Ripple, promised $10 million in XRP to back Vice President Kamala Harris’s presidential bid. In a tweet , Larsen made it clear that for him, the Democratic Party had to have a new attitude toward technological innovation , more precisely regarding the sector of cryptocurrencies. His support is part of a wider trend where Bitcoin interests are wielding more heft in political spending.
Big Money in Political Donations
Larsen’s $10 million contribution to the Future Forward super PAC is part of a larger trend. This PAC raised over $100 million last month alone. Notably, other major contributions included $10 million from Dustin Moskovitz and $9 million from a nonprofit called Evidence for Impact.
Furthermore, FEC data reveals that Larsen has contributed more than $11.8 million to PACs supporting Harris. His donations include nearly $9.9 million to Future Forward and over $800,000 to the Harris Victory Fund.
Consequently, Larsen has emerged as one of the largest individual donors from the crypto industry this election cycle. He has a net worth of approximately $3.1 billion, largely due to his ownership of XRP. This financial influence illustrates the growing prominence of crypto in political fundraising .
Read CRYPTONEWSLAND on google newsUnderstanding the Crypto Influence
Larsen’s support for Harris stems from her understanding of the tech industry. He believes she has a solid grasp of the innovation economy, especially given her Bay Area roots. In conversations with her campaign, he found a shared vision that aligns with the interests of the crypto sector. “She knows people who have grown up in the innovation economy her whole life,” Larsen explained. This insight underscores the connection between technological innovation and political leadership.
However, the crypto industry’s political contributions are not entirely one-sided. The industry has historically leaned toward Republican support. A recent report noted that nearly half of the corporate money in this election cycle comes from crypto donors . For instance, the Trump PAC raised about $7.5 million in crypto donations since early June. This demonstrates the dual approach of cryptocurrency stakeholders in political donations.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ripple CEO Garlinghouse says XRP ETF is inevitable
Share link:In this post: Ripple CEO Brad Garlinghouse says it’s only a matter of time before an XRP exchange-traded fund (ETF) gets approved, following the success of Bitcoin ETFs. Ripple has been in a legal battle with the SEC over whether XRP is a security, but despite this, institutional demand for an XRP ETF keeps growing. Garlinghouse endorsed pro-crypto lawyer John Deaton, who is running against Senator Elizabeth Warren, and called out Warren for spreading misinformation about crypto.
Alliance accelerator: DAO and NFT are out, DeFi is in for crypto startups in 2024
Share link:In this post: Crypto startups abandoned the DAO and NFT narratives, focusing on DeFi, payments and infrastructure. More startups are coming from outside the USA, with Europe the leading region for H1, 2024. Startups become more distributed, thanks to the effect of stablecoins as a liquidity source and an intuitive payment tool.
Nvidia says it has fixed flaws with its Blackwell AI chips
Share link:In this post: Nvidia expects to ship several billions in Blackwell revenue. Supply for the next 12 months is already sold out. The chips are designed to handle the demanding workloads of LLM inference while reducing energy consumption.
Solana mobile app launch season is upon us
Cube CEO Bartosz Lipinski agreed in a text that having a mobile app is likely to become table stakes for Solana projects